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پدیدارشناسی رُخداد ناهنجارِ فاز شیدایی در بورس اوراق بهادار تهران | ||
| پژوهشنامه اقتصاد کلان Macroeconomics Research Letter | ||
| مقاله 5، دوره 20، شماره 47، آذر 1404، صفحه 107-143 اصل مقاله (1.04 M) | ||
| نوع مقاله: علمی | ||
| شناسه دیجیتال (DOI): 10.22080/mrl.2025.29918.2198 | ||
| نویسندگان | ||
| مجتبی جعفری مایانی؛ محمدرضا عبدلی* ؛ مریم شهری؛ حسن ولیان | ||
| گروه حسابداری، واحد شاهرود، دانشگاه آزاد اسلامی، شاهرود، ایران | ||
| تاریخ دریافت: 03 شهریور 1404، تاریخ بازنگری: 10 آبان 1404، تاریخ پذیرش: 20 آبان 1404 | ||
| چکیده | ||
| پدیدۀ شیدایی به عنوان یکی از رُخدادهای ناهنجار بازار مالی، به دورههای متناوبی اشاره دارد که با افزایش هیجان و خوشبینیهای افراطی، سرمایهگذاران را در کسب بازدههای انتظاری بالاتر تحریک مینماید تا از شکاف ایجاد شده در ارزش مقطعی با ارزش ذاتی قیمت سهام به دلیل وقوع چنین پدیدهای، نهایت استفاده را ببرند، فارغ از اینکه بازار تحت تأثیر چنین فعل و انفعالاتی ممکن است با چه مشکلاتی مواجه گردد. لذا بدلیل عدم شناختِ کافی از این مفهوم، مطالعۀ حاضر از طریق رویکردِ پدیدارشناسی به دنبال ارائه الگوی پارادایمیِ رُخداد ناهنجارِ فاز شیدایی در بورس اوراق بهادار تهران میباشد. رویکردِ روششناسی که میتواند از طریق ماهیتِ هستیشناسانهی ساختاری در بستر مطالعه، جنبههای نوظهور این پدیده را مشخص نماید. اَبزار مورد استفاده در پیادهسازی چنین رویکردی، مصاحبه و چکلیست امتیازی محقق ساخت برای رسیدن به ابعاد مدل میباشد. یافتههای مطالعه حاضر با شناسایی «385» کد باز از «19» مصاحبه انجام شده، حکایت از شناسایی «65» مضمون گزارهای در قالب یک چکلیست امتیازبندی محقق ساخت، دارد که با اختصاص امتیازهای کانونیِ هریک از کنشگرانِ تفکیک شده در پانلهای مشخص شده ارزیابی، در نهایت منجر به ارائهی الگوی پارادایمیِ با شناسایی «13» مقوله در 5 بعدِ شرایط علّی، زمینهای، مداخلهگر، استراتژیها و پیامدها شد. شناختِ ناهنجارهایی است که بورس اوراق بهادار را واردِ فاز شیدایی مینماید. | ||
| کلیدواژهها | ||
| ناهنجاری بازار؛ فاز شیدایی؛ حباب قیمت سهام | ||
| عنوان مقاله [English] | ||
| Phenomenology of The Abnormal Occurrence of Euphoria Phase in Tehran Stock Exchange | ||
| نویسندگان [English] | ||
| Mojtaba Jafari Mayan؛ Mohammadreza Abdoli؛ Maryam Shahri؛ Hasan Valiyan | ||
| Department of Accounting, Sha.C., Islamic Azad University, Shahrood, Iran. | ||
| چکیده [English] | ||
| The growing trend of stock price bubbles in financial markets, which is always a function of a series of interconnected drivers of uncontrollable, intermittent anomalies, has made investor behavior unpredictable based on classical rationality. Euphoria phenomenon, as one of the abnormal events of the financial market, refers to intermittent periods that, with the increase of excitement and extreme optimism, stimulate investors to obtain higher expected returns in order to make the most of the gap created in the cross-sectional value with the intrinsic value of the stock price due to the occurrence of such a phenomenon, regardless of what problems the market may face under the influence of such interactions. Therefore, due to the lack of sufficient knowledge of this concept in the capital market, the present study, through a phenomenological approach, seeks to present a paradigmatic model of the abnormal occurrence of the manic phase in the Tehran Stock Exchange. A methodological approach that can identify emerging aspects of this phenomenon through the ontological nature of the structure in the context of study. The tools used in implementing such an approach are interviews and a researcher-made scoring checklist to arrive at open codes, propositional themes, and paradigmatic categories. The participatory technique to achieve the aforementioned goals is to utilize focal panels that, through discussion and debate, can be effective in categorizing propositional themes in the formation of paradigmatic categories. The findings of the present study, by identifying "385" open codes from "19" interviews conducted, indicate the identification of "65" propositional themes in the form of a researcher-made scoring checklist, which, by assigning focal points to each of the separated actors in the specified evaluation panels, ultimately led to the presentation of a paradigmatic model by identifying "13" categories in the 5 dimensions of causal conditions, context, intervention, strategies, and consequences. The results obtained from the application of the paradigmatic model of the abnormal occurrence of the manic phase in the Tehran Stock Exchange indicate excessive optimism and unrealistic expectations of sudden changes in the price of a stock in financial markets without sufficient fundamental arguments as to why such short-term fluctuations occur, which, although they increase the trading volume in the short term, after reaching the saturation point, in accordance with the stock price bubble cycle in the financial market, causes the stock price to decline even to a price lower than its initial intrinsic value. At this point, the formation of stock supply queues causes the capital market to face stagflation, while stocks become illiquid and other investment opportunities are lost. | ||
| کلیدواژهها [English] | ||
| Financial Market Anomaly, Euphoria Phase, Stock Price Bubble | ||
| مراجع | ||
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